Zevenbergen Capital Investments LLC Sells 1,859 Shares of Veeva Systems Inc. (NYSE:VEEV)

Key Points

• Zevenbergen Capital Investments LLC reduced its stake in Veeva Systems by 0.9%, selling 1,859 shares during the first quarter, and now holds approximately $48.7 million worth of the stock.
• Veeva Systems Inc. reported a quarterly earnings per share of $1.97, exceeding analysts' expectations, with a revenue increase of 16.7% year-over-year, totaling $759.04 million.
• Several research analysts updated their ratings for Veeva Systems, with Barclays raising its price objective to $300, reflecting a positive outlook for the company.

Zevenbergen Capital Investments LLC lowered its position in shares of Veeva Systems Inc. (NYSE:VEEV - Free Report) by 0.9% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 210,333 shares of the technology company's stock after selling 1,859 shares during the quarter. Veeva Systems accounts for 1.2% of Zevenbergen Capital Investments LLC's holdings, making the stock its 25th biggest position. Zevenbergen Capital Investments LLC owned approximately 0.13% of Veeva Systems worth $48,719,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Abound Financial LLC acquired a new position in Veeva Systems during the 1st quarter worth approximately $25,000. ORG Partners LLC acquired a new position in Veeva Systems during the 1st quarter worth approximately $26,000. Golden State Wealth Management LLC boosted its position in Veeva Systems by 152.9% during the 1st quarter. Golden State Wealth Management LLC now owns 129 shares of the technology company's stock worth $30,000 after acquiring an additional 78 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Veeva Systems during the 1st quarter worth approximately $32,000. Finally, Key Financial Inc boosted its position in Veeva Systems by 161.0% during the 1st quarter. Key Financial Inc now owns 154 shares of the technology company's stock worth $36,000 after acquiring an additional 95 shares during the last quarter. Institutional investors and hedge funds own 88.20% of the company's stock.

Insider Buying and Selling

In other Veeva Systems news, SVP Jonathan Faddis sold 720 shares of Veeva Systems stock in a transaction dated Thursday, July 10th. The stock was sold at an average price of $285.62, for a total value of $205,646.40. Following the transaction, the senior vice president owned 7,902 shares in the company, valued at $2,256,969.24. The trade was a 8.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy S. Cabral sold 315 shares of Veeva Systems stock in a transaction dated Friday, June 6th. The shares were sold at an average price of $289.72, for a total value of $91,261.80. Following the completion of the transaction, the director owned 5,500 shares in the company, valued at approximately $1,593,460. This represents a 5.42% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,378 shares of company stock worth $394,217. Company insiders own 10.30% of the company's stock.

Veeva Systems Stock Performance

Shares of NYSE VEEV opened at $282.45 on Friday. Veeva Systems Inc. has a 52 week low of $184.39 and a 52 week high of $296.72. The stock has a market capitalization of $46.16 billion, a P/E ratio of 59.84, a PEG ratio of 2.23 and a beta of 0.95. The stock's fifty day moving average is $282.93 and its 200 day moving average is $249.13.

Veeva Systems (NYSE:VEEV - Get Free Report) last issued its quarterly earnings results on Wednesday, May 28th. The technology company reported $1.97 EPS for the quarter, topping analysts' consensus estimates of $1.74 by $0.23. Veeva Systems had a return on equity of 13.96% and a net margin of 27.34%. The company had revenue of $759.04 million for the quarter, compared to analysts' expectations of $728.38 million. During the same quarter last year, the business earned $1.50 earnings per share. Veeva Systems's revenue was up 16.7% on a year-over-year basis. Equities research analysts forecast that Veeva Systems Inc. will post 4.35 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently commented on VEEV shares. Barclays increased their price objective on Veeva Systems from $285.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Wall Street Zen raised Veeva Systems from a "hold" rating to a "buy" rating in a report on Friday, May 30th. Citigroup increased their price objective on Veeva Systems from $265.00 to $329.00 and gave the company a "buy" rating in a report on Friday, May 30th. Stifel Nicolaus increased their price objective on Veeva Systems from $272.00 to $295.00 and gave the company a "buy" rating in a report on Thursday, May 29th. Finally, Morgan Stanley increased their price objective on Veeva Systems from $201.00 to $210.00 and gave the company an "underweight" rating in a report on Thursday, May 29th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Veeva Systems currently has a consensus rating of "Moderate Buy" and a consensus target price of $274.17.

Veeva Systems Company Profile

Veeva Systems Inc provides cloud-based software for the life sciences industry. It offers Veeva Commercial Cloud, a suite of software and analytics solutions, such as Veeva customer relationship management (CRM) that enable customer-facing employees at pharmaceutical and biotechnology companies; Veeva Vault PromoMats, an end-to-end content and digital asset management solution; Veeva Vault Medical that provides source of medical content across multiple channels and geographies; Veeva Crossix, an analytics platform for pharmaceutical brands; Veeva OpenData, a customer reference data solution; Veeva Link, a data application that allows link to generate real-time intelligence; and Veeva Compass includes de-identified and longitudinal patient data for the United States.

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